Maryland
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811-02409
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13 306 9854
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(State or other
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(Commission
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(I.R.S. Employer
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Jurisdiction
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File Number)
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Identification No.)
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of incorporation)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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The Mexico Fund, Inc.
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By:
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/s/ Sander M. Bieber
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Date: May 4, 2012
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Sander M. Bieber
Assistant Secretary
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April 30, 2012
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I. THE MEXICO FUND DATA
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End of Month
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One Month Earlier
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One Year Earlier
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Total Net Assets1 (million US$)
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$362.15
|
$370.39
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$425.07
|
NAV per share
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$27.10
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$27.72
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$31.76
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Closing price NYSE2
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$24.58
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$25.25
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$28.60
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% Premium (Discount)
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(9.30%)
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(8.91%)
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(9.95%)
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Shares traded per month2 (composite figures)
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685,805
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978,547
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418,111
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Outstanding shares3
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13,362,856
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13,362,856
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13,385,148
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Shares on Short Interest Position2
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7,602
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23,335
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31,401
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II. PERFORMANCE4
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1 Month
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3 Months
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6 Months
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1 Year
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Market price
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-0.33%
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6.68%
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10.92%
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-2.52%
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NAV per share
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-0.07%
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7.20%
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12.96%
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-4.16%
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Bolsa Index
|
-1.70%
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5.71%
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11.97%
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-5.69%
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MSCI Mexico Index
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-0.96%
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6.77%
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11.02%
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-3.18%
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2 Years
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3 Years
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5 Years
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10 Years
|
|
Market price
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24.60%
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133.35%
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22.74%
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280.22%
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NAV per share
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18.87%
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120.57%
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7.83%
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291.40%
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Bolsa Index
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14.21%
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91.71%
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14.28%
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279.92%
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MSCI Mexico Index
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16.39%
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93.64%
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8.49%
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228.19%
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III. THE MEXICAN STOCK EXCHANGE
|
End of Month
|
One Month Earlier
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One Year Earlier
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Bolsa Index5
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39,461.00
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39,521.24
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36,962.60
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Daily avg. of million shares traded
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279.6
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381.7
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220.5
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Valuation Ratios6: P/E
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20.77
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19.79
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18.48
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P/BV
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2.95
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2.77
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2.92
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EV/EBITDA
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8.84
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8.51
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9.57
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Market capitalization (billion US$)
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$505.18
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$518.82
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$531.01
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IV. THE MEXICAN ECONOMY.
|
End of Month | One Month Earlier | One Year Earlier |
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|||
Treasury Bills7
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|||
One month
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4.29%
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4.24%
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4.28%
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Six months
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4.40%
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4.51%
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4.61%
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One year
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4.57%
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4.63%
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4.92%
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Long-term Bonds
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|||
Three years
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4.89%
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4.99%
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5.87%
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Five years
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5.04%
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5.29%
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6.45%
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Ten years
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N.A.
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N.A.
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7.28%
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20 years
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7.16%
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N.A.
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N.A.
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30 years
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N.A.
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7.67%
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8.50%
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Currency Market8
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|||
Exchange Rate (Ps/US$)
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Ps. 13.0127
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Ps. 12.8107
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Ps. 11.4958
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Month
|
Year to Date
|
Last 12 Months
|
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Inflation Rates on Previous Month
|
|||
Consumer Price Index9 (CPI)
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0.06%
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0.97%
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3.73%
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V. ECONOMIC COMMENTS. |
VI. PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2012 (UNAUDITED) |
Percent of
|
|||||||
Shares Held
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COMMON STOCK - 97.15%
|
Value
|
Net Assets
|
||||
|
Airports
|
||||||
1,000,000
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Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B
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$8,158,184
|
2.25%
|
||||
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Beverages
|
||||||
1,865,000
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Arca Continental, S.A.B. de C.V.
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9,507,950
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2.62
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||||
540,000
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Coca-Cola Femsa, S.A.B. de C.V. Series L
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5,743,727
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1.59
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||||
3,850,000
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Fomento Económico Mexicano, S.A.B. de C.V. Series UBD
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31,326,166
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8.65
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||||
1,400,000
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Grupo Modelo, S.A.B. de C.V. Series C
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9,896,947
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2.73
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||||
56,474,790
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15.59
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||||||
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Building Materials
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||||||
18,000,000
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Cemex, S.A.B. de C.V. Series CPO
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13,002,682
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3.59
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||||
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Chemical Products
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||||||
3,054,545
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Alpek, S.A. de C.V. Series A
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6,748,651
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1.86
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||||
3,500,000
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Mexichem, S.A.B. de C.V.
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13,028,810
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3.60
|
||||
19,777,461
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5.46
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||||||
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Construction and Infrastructure
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||||||
3,000,000
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Empresas ICA, S.A.B. de C.V.
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5,433,922
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1.50
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||||
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Consumer Products
|
||||||
6,600,000
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Kimberly-Clark de México, S.A.B. de C.V. Series A
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13,471,147
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3.72
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||||
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Financial Groups
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||||||
1,470,000
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Banregio Grupo Financiero, S.A.B. de C.V. Series O
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4,178,633
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1.15
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||||
4,660,000
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Grupo Financiero Banorte, S.A.B. de C.V. Series O
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22,600,429
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6.24
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||||
26,779,062
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7.39
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||||||
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Food
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||||||
4,820,000
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Grupo Bimbo, S.A.B. de C.V. Series A
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11,497,445
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3.17
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||||
1,500,000
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Grupo Herdez, S.A.B. de C.V.
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3,324,445
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0.92
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||||
14,821,890
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4.09
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||||||
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Health Care
|
||||||
3,600,000
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Genomma Lab Internacional, S.A.B. de C.V. Series B
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6,357,482
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1.76
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||||
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Holding Companies
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||||||
1,000,000
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Alfa, S.A.B. de C.V. Series A
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14,289,886
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3.95
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||||
1,620,000
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Grupo Carso, S.A.B. de C.V. Series A1
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5,415,479
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1.49
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||||
19,705,365
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5.44
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||||||
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Housing
|
||||||
1,300,000
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Urbi Desarrollos Urbanos, S.A.B. de C.V. Series
|
1,370,661
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0.38
|
||||
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Media
|
||||||
4,150,000
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Grupo Televisa, S.A.B. Series CPO
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18,200,719
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5.03
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||||
Percent of
|
||||||
Shares Held
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COMMON STOCK
|
Value
|
Net Assets
|
|||
|
Mining
|
|||||
7,711,782
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Grupo México, S.A.B. de C.V. Series B
|
23,818,002
|
6.58
|
|||
105,500
|
Industrias Peñoles, S.A.B. de C.V.
|
4,937,527
|
1.36
|
|||
28,755,529
|
7.94
|
|||||
|
Retail
|
|||||
80,000
|
First Cash Financial Services, Inc.
|
3,276,799
|
0.91
|
|||
2,000,000
|
Grupo Comercial Chedraui, S.A.B. de C.V. Series B
|
5,190,314
|
1.43
|
|||
1,300,000
|
El Puerto de Liverpool, S.A.B. de C.V. Series C-1
|
10,313,924
|
2.85
|
|||
10,000,000
|
Wal-Mart de México, S.A.B. de C.V. Series V
|
28,625,881
|
7.90
|
|||
47,406,918
|
13.09
|
|||||
|
Steel
|
|||||
315,400
|
Ternium, S.A.
|
7,481,258
|
2.07
|
|||
|
Stock Exchange
|
|||||
3,200,000
|
Bolsa Mexicana de Valores, S.A.B. de C.V. Series A
|
6,403,590
|
1.77
|
|||
|
Telecommunications Services
|
|||||
41,000,000
|
América Móvil, S.A.B. de C.V. Series L
|
54,728,842
|
15.11
|
|||
250,000
|
NII Holdings, Inc.
|
3,498,697
|
0.97
|
|||
58,227,539
|
16.08
|
|||||
Total Common Stock
|
$351,828,199
|
97.15%
|
Securities
|
SHORT-TERM SECURITIES – 5.13%
|
||||
Principal
Amount
|
|||||
|
Repurchase Agreements
|
||||
$10,915,525
|
BBVA Bancomer, S.A., 4.47%, dated 04/30/12, due 05/02/12 repurchase price $10,916,880
collateralized by Bonos del Gobierno Federal.
|
$10,915,525
|
3.01%
|
||
Time Deposits
|
|||||
Comerica Bank, 0.12%, dated 04/30/12, due 05/01/12
|
7,664,884
|
2.12
|
|||
Total Short-Term Securities
|
18,580,409
|
5.13
|
|||
Total Investments
|
370,408,608
|
102.28
|
|||
Liabilities in Excess of Other Assets
|
(8,260,254)
|
(2.28)
|
|||
Net Assets Equivalent to $27.10 per share on 13,362,856 shares of capital stock outstanding
|
$362,148,354
|
100.00%
|
VII. THE MEXICO FUND, INC. CHARTS |
VII. THE MEXICO FUND, INC. CHARTS (CONTINUED) |
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